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What is Blockchain & How Can it Benefit You?

If you spend much time on the internet, then you’ve probably seen a certain amount of buzz about this groundbreaking technology recently. As more and more companies turn to Blockchain, it’s a trend that’s gaining worldwide momentum in every industry. So, maybe you’re wondering how it will affect you? Well, we’re here to talk about that.

What is Blockchain?

Blockchain is a digitized public ledger of all cryptocurrency transactions. Information held on a blockchain exists as shared data, with transactions being recorded in chronological order. Digital information is allowed to be distributed but cannot be copied, making it a revolutionary technology. Originally devised for the digital currency, Bitcoin, other potential uses for Blockchain are now being discovered. It’s proven to be an asset when dealing with wealth management, ethical and eco-friendly business practices, travel transactions, and even in the battle against voter fraud.

How Can Your Company Benefit from Blockchain?

Here’s the thing… for many of the Blockchains, we’re seeing a ton of hype because of the buzzword attached to it, but there’s also a certain amount of misinformation out there. With so many people trying to find out about so many different projects, there are overlaps and misunderstanding among different projects. Fortunately, from what we’re seeing, it’s a lot more simple than it seems.

Makes It Easier to Sell to the Right Audience

There are people who have currency that they’d like to spend. Your company can set up a wallet to be able to accept crypto-payment and be ready for customers when they are ready to buy.

This is what we encourage you to start thinking about:

Set up an account and open a wallet to accept crypto-payment (i.e. Bitcoin)

Get familiar with the process to be able to accept smoothly

Choose a trustworthy person to manage the crypto-accounting

Consider your sales process and how to handle any paperwork

Increases Security

Because the entire network lacks a centralized location and reconciles every transaction every ten-minutes, it cannot be corrupted. Data is stored across the network using cryptography, which creates a record that can’t be changed, and eliminates the risks and vulnerabilities that are present with centrally-located data.

Creates Transparency

Blockchain data is hosted by millions of computers simultaneously, which makes it 100% public. That means that a company can share easily verifiable documents like tax records and expenses with the public. Plus, it’s also perfect for open transaction processing and records management.

With increased transparency comes increased trust. This level of transparency undoubtedly builds trust and generates more leads, conversions, and sales for your company.

Helps Your Brand

Beyond transparency, using Blockchain helps your overall brand in other ways. In the ever-changing world of technology, it important for your company to stay up-to-date with current trends. Using Blockchain shows you make the effort to keep up with the latest technology, are open to improved ways of doing business, and it also shows you’re willing to go the extra mile to build trust. All of this helps your brand immensely.

What Now?

So, what should you do right now? Keep learning and preparing. We recommend if you’re looking to begin accepting cryptocurrency, start by including a sentence on your website letting people know you accept it and to call you. That way, you know who is making a purchase and also track it.